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British Pound Shows Signs of Life, Looks to Rally Further

British Pound Shows Signs of Life, Looks to Rally Further

David Rodriguez, Head of Product
ssi_gbp-usd_body_Picture_12.png, British Pound Shows Signs of Life, Looks to Rally Further

GBPUSD – The British Pound looks to continue its recent recovery on broader US Dollar weakness; a contrarian view of retail forex crowd sentiment leaves us bullish GBPUSD.

Trade Implications – GBPUSD: Retail forex traders have sold aggressively into recent GBP strength—short interest is a massive 92 percent above levels seen last week. It’s admittedly difficult to get enthusiastic about buying one of the worst-performing currencies year-to-date, but we don’t like second-guessing our sentiment-based trading strategies as a sharp jump in forex volatility prices leaves them in a good position to do well. We like going against the retail trading crowd and buying into GBP strength.

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

ssi_gbp-usd_body_1a_1.png, British Pound Shows Signs of Life, Looks to Rally Further

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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